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2014 SESSION
14102184DBe it enacted by the General Assembly of Virginia:
1. That § 55-370.1 of the Code of Virginia is amended and reenacted as follows:
§ 55-370.1. Time-share estate owners' association annual report.
A. Commencing with the
time-share estate program and within 120 Within 180 days
after the close of each fiscal year thereafter,
an annual report shall be prepared and distributed to all time-share estate
owners. The annual report required hereby shall be prepared and distributed for
each time-share estate project located in the Commonwealth and
registered with the Board. During the
developer control period, the The annual
report shall be prepared and distributed to all time-share purchasers estate owners by
the developer or its designated managing entity and
thereafter by the association. During the
developer control period, the cost of preparing the annual report shall be a
time-share estate occupancy expense; thereafter, the cost shall be a time-share
estate program expense.
B. The annual report shall contain the following:
1. The full legal name of the time-share project and its address;
2. The full legal name of the association;
3. A list of the names and mailing addresses of the members of the association's board of directors and the name of the person who prepared the report;
2. 4. The
managing entity's name, address, and contact person, if any, for the project;
5. A statement of whether or not the developer control period has terminated for the time-share estate project;
6. Financial statements of the association audited by an independent certified public accounting firm of the association, which contain at least the following:
a. A balance sheet as of the end of the fiscal year;
3. b. An
income statement as of the end of the fiscal year; and
4. c. A
statement of the net changes in the financial position of the association for
the fiscal year just ended;
5. A 7. During the developer control period, a statement
of the maintenance fee constituting the time-share
estates estate occupancy
expenses, the regular assessment, and any
special assessments or other charges due for the current year from each
time-share estate owner. After the developer
control period, a statement of the assessments constituting the time-share
program expenses and any special assessments or other charges due for the
current year from each time-share estate owner; and
6. 8. A
copy of the current budget adopted by the association's board of
directors reflecting the anticipated time-share estate occupancy expenses maintenance fee and any special assessment during
the developer control period and thereafter the assessment and any special
assessment, along with:
a. A statement as to who prepared the budget;
b. A statement of the budgetary assumptions concerning occupancy factors;
c. A description of any provision made in the budget for reserves for repairs and replacement;
d. A statement of any other reserves;
e. The projected financial liability for each time-share
estate owner, including a statement of (i) the nature of all charges,
assessments, maintenance fees, and other expenses which that may be assessed, (ii) the
current amounts assessed, and (iii) the method and formula for changing any
such assessments; and
f. A statement of any services not reflected in the budget
that the developer provides, or expenses that it pays, what it that the association expects
may become a time-share
occupancy expense or a time-share program expense, as the case may be, at any
subsequent time, and the projected time-share program expense
assessment attributable to each of those services or expenses for the
association and for each time-share;
9. A statement of the location of the books and records of the association along with the name and contact address of the custodian of such books and records; and
10. The amount charged by the association to review its books and records to each new subsequent owner of a time-share acquired from an existing owner, which amount shall not exceed $75; moreover, a statement to the effect that if such new owner did not obtain a certificate of resale issued pursuant to § 55-380, the association will provide the same at an additional charge not to exceed $100.
C. In lieu of the annual report required by subsection A,
during the first twelve 12 months of the time-share
program, the developer or the association shall prepare a budget which that
shall contain the information contained in subdivision 6 of
subsection B 8.